According to the June Credit Union Consumer Sentiment Index, nearly one in four consumers cannot afford a holiday this year, with women and those aged 45 to 54 most affected. While travel costs abroad have decreased, prices for domestic hotels and restaurants are higher. The survey indicates limited discretionary spending among Irish households, with roughly a quarter planning to increase holiday spending. Interestingly, a demographic breakdown shows that higher income individuals and younger consumers in Dublin are more inclined to spend more on holidays than others.
Close to one in four said they will not be able to afford a holiday this year, according to the June Credit Union Consumer Sentiment Index.
The survey indicates that the vast majority of consumers do not intend to spend more on their holidays this year.
So, these results are consistent with a range of other responses to special questions in previous sentiment surveys in that they highlight wide variations in financial circumstances.
The demographic breakdown suggests consumers in Dublin, those on higher incomes and those aged 25 to 34, are more likely to plan to spend more on holidays this year than others.
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